Overview
What is Charles T King Student Loan Fund?
The Charles T. King Student Loan Fund, established over eight decades ago in Millburn Township, New Jersey, aims to aid local students in pursuing their educational goals. Renamed in 1974 in honor of Dr. Charles T. King, a retired educator, the fund is supported by the Millburn Township Conference of Parents and Teachers. With escalating college tuition costs, the fund serves an essential role in financing postsecondary education for students. The loans are need-based and currently interest-free, having assisted over 700 students since its inception. The fund is maintained through community contributions, generating over 2.5 million dollars in loans since its inception. Loans are repayable upon graduation, with past recipients contributing to the fund's continuity. As of June 30, 2023, there were 108 outstanding loans with an average balance of 7,000 dollars. The fund's mission is to provide loans to Millburn Township, New Jersey, students attending accredited colleges, universities, and technical schools, enabling them to access higher education.
Official website here: www.charlestking.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 76% (Three-Star out of Four Stars)
The Charles T King Student Loan Fund holds a solid Three-Star rating from Charity Navigator, indicating a fairly positive evaluation based primarily on its accountability and financial health. The charity demonstrates a strong governance structure with 100% of its board members being independent, which is a key factor in maintaining transparency and accountability.
Strengths of the organization include its comprehensive conflict of interest policy and proper documentation practices, as evidenced by a perfect score in those areas. The charity also reports a very low liability-to-assets ratio of 0.00%, indicating sound financial management. However, while the overall financial metrics show promise, the program expense ratio of 58.66% suggests there may be room for improvement in how funds are allocated to programmatic activities.
One notable area for improvement is the absence of a whistleblower policy, which could enhance the organization's governance framework. Overall, while the Charles T King Student Loan Fund performs well in various accountability metrics, enhancing its program expense ratio and implementing a whistleblower policy could bolster its standing further.
This AI summary has been generated from information found on Charity Navigator.
Is Charles T King Student Loan Fund legitimate?
Charles T King Student Loan Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Charles T King Student Loan Fund submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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For more financial information, click here
Official website here: www.charlestking.org
What is the mission statement of Charles T King Student Loan Fund?
The Charles T. King Student Loan Fund's primary mission is to provide financial assistance in the form of loans to students pursuing higher education at accredited colleges, universities, and technical schools. Established over eighty years ago, its aim is to aid students in achieving their educational goals, especially in light of rising college tuition costs. The fund operates on a need-based basis and currently offers interest-free loans. Over 700 students have benefited from these loans since its inception. The fund is sustained through contributions from the community, and past recipients often "pay it forward" to support future students. The loans are repayable upon graduation, and the fund's loan balance stands at an average of $7,000 as of June 30, 2023, with 108 loans outstanding at that time.
Official website here: www.charlestking.org
Who is the CEO of Charles T King Student Loan Fund?
Sock Wang is the Co-Treasurer of Charles T King Student Loan Fund.
Official website here: www.charlestking.org
What is the revenue of Charles T King Student Loan Fund?
Charles T King Student Loan Fund's revenue in 2023 was $22,422.
Official website here: www.charlestking.org
Who are the executives of Charles T King Student Loan Fund and what are their salaries?
There 13 volunteers at Charles T King Student Loan Fund.
Here are 13 key members and their salaries:
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Official website here: www.charlestking.org
Where can I find the form 990 for Charles T King Student Loan Fund?
Charles T King Student Loan Fund's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.charlestking.org
Learn more at the official website: www.charlestking.org
Mission Statement of Charles T King Student Loan Fund
The Charles T. King Student Loan Fund, established over eighty years ago, is dedicated to providing financial aid to students from Millburn Township, New Jersey, who are pursuing theireducational goals at accredited colleges, universities, and technical schools. Renamed in 1974 to honor Dr. Charles T. King, a retired superintendent of schools who served the system for 27 years, the fund is sponsored by the Millburn Township Conference of Parents and Teachers. The fund plays a crucial role in helping students finance their postsecondary school education due to the significant rise in college tuition fees.
The loans offered by the Charles T. King Student Loan Fund are need-based and currently interest-free. Over 700 students have benefited from these loans since its inception. The fund is maintained through personal and business contributions from the community. The generosity of residents and businesses has enabled the fund to make over 2.5 million in loans to support students throughout the years. The loans are repayable upon completion of studies, and the fund is continually replenished when past recipients 'pay it forward' to support future students. The loans are renewable for four years of full-time studies and are repayable upon completion of all studies. As of June 30, 2023, there were 108 loans outstanding with an average balance of $7,000.
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Impact
August, 2024
The Charles T King Student Loan Fund has had a significant impact on the educational pursuits of Millburn Township students for over eight decades. By providing need-based, interest-free loans to more than 700 students to date, the Fund has played a crucial role in financing postsecondary education in the face of rising college tuition costs. Through the generosity of community members and businesses, the Fund has disbursed over $2.5 million in loans, ensuring that deserving students have the means to pursue their academic aspirations. The "paying it forward" model adopted by the Fund, where past recipients contribute back to support future students, ensures the sustainability of the program. With 108 outstanding loans as of June 30, 2023, the Fund continues to support students in their educational journeys, embodying its mission to empower Millburn Township students attending accredited colleges, universities, and technical schools.
This information is meant to be a general summary of Charles T King Student Loan Fund. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $13,494
- Gross Receipts: $22,422
Assets and Liabilities:
- Total Assets: $1,593,100
- Total Liabilities: $0
- Net Assets: $1,593,100
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Organization Details
Founding Year
1964
Phone
(973) 376-3600Principal Officer
Sock Wang
Main Address
P O BOX 45, SHORT HILLS, NJ, 07078
Website
www.charlestking.orgNTEE Category
Code: B82Z - Education
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